Morton LEVINE, Plaintiff Below, Appellant,
v.
Roger B. SMITH, James F. McDonald, Howard H. Kehrl, F. Alan Smith, Donald J. Atwood, Lloyd E. Reuss, Robert C. Stempel, Thomas A. Murphy, Anne L. Armstrong, Catherine B. Cleary, James H. Evans, Walter A. Fallon, Charles T. Fisher, Marvin L. Goldberger, John J. Horan, Edmund T. Pratt, Jr., James D. Robinson, III, John G. Smale, Leon H. Sullivan, Dennis Weatherstone, Thomas H. Wyman, H. Ross Perot, Morton H. Meyerson, J. Thomas Walter, Jr., William K. Gayden, Defendants Below, Appellees, and
General Motors Corporation, Nominal Defendant Below, Appellee.
David GROBOW, Shelley Kostrinsky, Joyce L. Thomas, Drexel Home, Inc., Adelle Brody, Jerrold Schaffer, Phyllis Greenfogel, Martin Besen, Joseph Lieberman, Blanche Silverberg, Irving Kas, Beatrice L. Russ and Bronson Murray, Plaintiffs Below, Appellants, and Cross-Appellees,
v.
H. Ross PEROT, Roger B. Smith, James F. McDonald, Howard H. Kehrl, F. Alan Smith, Donald J. Atwood, Lloyd E. Reuss, Robert C. Stempel, Thomas A. Murphy, Anne L. Armstrong, Catherine B. Cleary, James H. Evans, Walter A. Fallon, Charles T. Fisher, Marvin L. Goldberger, John J. Horan, Edmund T. Pratt, Jr., James D. Robinson, III, John G. Smale, Leon H. Sullivan, Dennis Weatherstone, Thomas H. Wyman, Morton H. Meyerson, J. Thomas Walter, Jr., and William K. Gayden, Defendants Below, Appellees, and Cross-Appellants, and
General Motors Corporation and Electronic Data Systems Corporation, Nominal Defendants Below, Appellees, and Cross-Appellants.
Supreme Court of Delaware.https://leagle.com/images/logo.png
Submitted: October 3, 1990.
Decided: April 9, 1991.
Revised Following Motion for Reargument: May 1, 1991.
Attorney(s) appearing for the Case
Curtis V. Trinko (argued), pro hac vice (Kevin J. Yourman, New York City, of counsel), John M. Bader of Tomar, Seliger, Simonoff, Adourian & O'Brien, Wilmington (James J. Koehler and John J. Hill of Gallagher, Sharp, Fulton & Norman, Cleveland, Ohio, of counsel), for plaintiff below, appellant Morton Levine.
Dennis J. Block (argued), pro hac vice, Irwin H. Warren, Stephen A. Radin and Jacqueline Abramson of Weil, Gotshal & Manges, New York City, E. Norman Veasey and Thomas A. Beck of Richards, Layton & Finger, Wilmington, for defendants below, appellees Anne L. Armstrong, Catherine B. Cleary, James H. Evans, Walter A. Fallon, Charles T. Fischer, III, Marvin L. Goldberger, John J. Horan, Howard H. Kehrl, Thomas A. Murphy, Edmund T. Pratt, Jr., James D. Robinson, III, John G. Smale, Leon H. Sullivan, Dennis Weatherstone, Thomas H. Wyman and General Motors Corp. Director.
Lowell E. Sachnoff (argued), pro hac vice, of Sachnoff & Weaver, Ltd., Chicago, Ill., Kevin Gross of Morris, Rosenthal, Monhait & Gross, P.A., Wilmington, Wolf, Popper, Ross, Wolf & Jones, New York City, for plaintiffs below-appellants and cross-appellees David Grobow, Shelley Kostrinsky, Joyce L. Thomas, Drexel Home, Inc., Adelle Brody, Jerrold Schaffer, Phyllis Greenfogel, Martin Besen, Joseph Lieberman, Blanche Silverberg, Irving Kas, Beatrice L. Russ and Bronson Murray.
William O. LaMotte, III and Thomas Reed Hunt, Jr. of Morris, Nichols, Arsht & Tunnell, Wilmington, Stephen C. Neal, Robert J. Kopecky and Helen E. Witt of Kirkland & Ellis, Chicago, Ill., for nominal defendants below, appellees General Motors Corp. and Electronic Data Systems Corp.
Grover C. Brown, Barbara McDonald and Lewis H. Lazarus of Morris, James, Hitchens & Williams, Wilmington, Roy L. Reardon and Joseph F. Tringali of Simpson, Thacher & Bartlett, New York City, for defendants below, appellees Donald J. Atwood, James F. McDonald, Lloyd E. Reuss, F. Alan Smith, Roger B. Smith and Robert C. Stempel.
Bruce M. Stargatt and David C. McBride of Young, Conaway, Stargatt & Taylor, Wilmington (Thomas D. Barr, Evan R. Chesler, Thomas G. Rafferty and Bernardo Burstein of Cravath, Swaine & Moore, New York City, of counsel), for defendant below, appellee, and cross-appellant H. Ross Perot.
Michael J. Basford and Louis H. Lindeman, Jr., General Motors Corp., Detroit, Mich., of counsel, for defendant General Motors Corp.
Before HORSEY and MOORE, JJ., and TAYLOR, Judge (sitting by designation pursuant to Del. Const. Art. 4 § 12).
Supreme Court of Delaware.
HORSEY, Justice:
These separate shareholder suits, consolidated on appeal, challenge once again the business judgment rule's application to action of the General Motors Board of Directors which this Court addressed three years ago in Grobow v. Perot, Del.Supr., 539 A.2d 180 (1988) (hereinafter "Grobow I"). The appeals highlight the differing legal standards controlling shareholder...
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